Florida Amendment 1Impact on Pinellas County

What’s on the ballot?

Amendment 1Third Homestead Exemption (proposed additional exemption up to $25,000 of Assessed Value for some homeowners)

Ballot language

Increased Homestead Property Tax Exemption Proposing an amendment to the State Constitution to increase the homestead exemption by exempting the assessed valuation of homestead property greater than $100,000 and up to $125,000 for all levies other than school district levies. The amendment shall take effect Jan. 1, 2019.

Vote date

November 6, 2018

Ballot Overview

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Why is Amendment 1 on the ballot?

Background

In 2017, the Florida Legislature voted

to place Amendment 1 on the ballot.

The proposed homestead exemption

increase impacts local government tax

revenues, not the state government.

Florida State

Government is funded

primarily by

SALES TAX

County/City Government

is funded primarily by

PROPERTY TAX

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Overview of Impact

How does Amendment 1 impact our community?

2 in 3 Pinellas homes

would not qualify for

additional homestead

exemption

Businesses & renters

do not qualify

$42.5million

Projected loss in local

government funds that

support essential public

services – e.g. police, EMS,

fire, libraries, parks & more.

Projected loss in local government funds starting in FY 2020 after exemption takes effect.

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A Tax Shift

2/3 of homes,

along with renters and

businesses, would not

Local Property Tax Revenues

1/3 of Pinellas

homes would save

on property taxes

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1st + 2nd Homestead ExemptionApplies to most primary residences*

Save-Our-Homes Cap Limits how much a property’s assessed value goes up each year at no more than 3%

Market Value(no cap)

Assessed Value(Save-Our-Homes 3% cap)

* Homestead Exemption applies only to Assessed Value

Current Homestead Exemption

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Assessed Value Market Value

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Homes with Assessed

Value less than

$100K do not qualify

for the proposed third

homestead exemption

Tiers apply to Assessed Value only, which is typically less than Just Market Value.

Homestead Exemption Background

*Applies to All Millages Except Schools

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$25-50KTaxable (No Exemption)

$0-$25K1st Homestead Exemption

$50-75K*2nd Homestead Exemption

$75-100KTaxable (No Exemption)

$100-125K*Proposed 3rd Homestead Exemption

Homestead

Exemption Tiers

Your Home’s

Assessed Value

Amendment 1 Impact by Assessed Value

Who Qualifies?

$100K-125K ≤$100K

Partial

ExemptionNo

Exemption

Full

Exemption

≥ $125K

Amendment 1 Impact

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Amendment 1 Overview: All Pinellas County Properties

Who Qualifies?

2 in 3 do not qualify

Renters & businesses

do not qualify

70%23% 7%

No

Exemption

Partial

Exemption

Full

Exemption

Source: Pinellas County Property Appraiser

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Who Qualifies?

www.3hxestimator.org

www.pcpao.org

Statewide tool developed by Pinellas County Property Appraiser with adoption from 60+ Florida county property appraisers

Try the Third Homestead Exemption Estimator

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Examples

(Full Exemption)

(Partial Exemption)

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Amendment 1 will reduce local government funds by a projected $42.5 million annually, which support essential public services.

Local Community Impact

Law EnforcementAnimal Services Mosquito Control Fire Districts Emergency Services

Permanent 10% cap on Assessed Value for non-homestead property

Amendment 2

Applies to second homes, businesses, rental

properties

Current 10% cap set to expire Jan. 1, 2019,

which limits annual Assessed Value increases for

non-homestead properties

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Amendments 1 & 2 Recap

YES VOTE would make

permanent an existing 10% cap

on how much Assessed Value

goes up annually for non-

homestead properties

NO VOTE would increase non-

homestead properties to market

value for property tax purposes,

which may result in higher taxes

for these properties

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Amendment 1 Amendment 2

YES VOTE adds an additional

homestead exemption for only

the Assessed Value from $100-

$125K on primary homes; 2 in 3

Pinellas homes would not qualify

NO VOTE would not add an

additional homestead exemption,

keeping the share of property

taxes the same for all homes

Learn More

pinellascounty.org/amendment1